Hirabeb Exploration Update

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to provide an update on exploration activities at its Hirabeb Project in the Namib Area of Namibia.

Highlights:

• Hirabeb I – Drilling delineates uranium mineralisation extending over 4 km in length
• Hirabeb II – Drilling delineates anomalous mineralised zone extending over 9 km in length
• Mineralisation remains open along strike to the northeast and southwest

Elevate Uranium’s Managing Director, Murray Hill, commented:

“Exploration activities to date have delineated two large zones of significant uranium mineralisation, named Hirabeb I and Hirabeb II, both of which cover an extensive area. Drilling is currently wide spaced with drill lines 500 metres apart. The results are very encouraging and follow up drill programs are being planned for later this year to reduce the line spacing and confirm the extent of mineralised areas greater than 100 ppm eU3O8, particularly at Hirabeb II.”

Technical Information:

Drilling focused on the central section of the Hirabeb palaeochannel has delineated two significant zones of uranium mineralisation, named Hirabeb I and Hirabeb II (Figure 1) with limited drilling between the two zones. The mineralisation has been identified based on widely spaced drilling, mainly 200 metre spaced holes on drill lines 500 metres apart. Mineralisation at Hirabeb I extends over 4 kilometres along strike and is up to 800 metres wide, with uranium results exceeding 100 ppm eU3O8 varying in thickness from 3 to 7 m on section 537500mE (Figures 2 and 3).

At Hirabeb II, anomalous uranium (>50 ppm eU3O8) is continuous over 9 kilometres of the palaeochannel and remains open in several directions (Figure 1). Grades in excess of 100 ppm eU3O8 have so far been intersected in four areas within this anomalous zone and further exploration drilling is planned to establish continuity between these two zones of mineralisation.

Drilling at the Hirabeb Project subsequent to the initial Hirabeb discovery, see ASX announcement dated 21 July 2020 titled ”Extensive Palaeochannel Discovered in Namibia, Mineralised over 30 Kilometres” totals 341 holes for 4,181 metres at an average hole depth of 12.3 metres. Intersections greater than 100 ppm U3O8 and drill hole information for the recent 341 holes are listed in Tables 1 and 2 respectively.

Drilling to date at the Hirabeb Project totals 686 holes for 8,316 metres at an average hole depth of 12.2 metres (Figure 1).

Further exploration drilling to establish the continuity and extent of mineralisation is planned for later this year.

Figure 1 Hirabeb I and II prospects

Figure 2 Grade thickness plot Hirabeb I

Figure 3 Hirabeb I Section 537500mE (for location see Figure 2)

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